Core Viewpoint - The essence of the current industry "involution" is insufficient innovation protection leading to homogeneous competition, highlighting the need for a robust intellectual property (IP) system to create a healthy industrial ecosystem [1] Group 1: Company Strategy - CATL invests nearly 20 billion yuan annually in R&D and has established a global patent portfolio of 60,000 patents, creating a comprehensive "innovation-protection-application" management system [1] - The company adopts a "technology licensing + light asset operation" (LRS model) approach to effectively mitigate market risks and enhance its global technological influence [1] Group 2: Industry Challenges - There is a lack of mention of "involution" by foreign patent holders when licensing or enforcing patents, indicating a cognitive bias regarding the value of innovation among Chinese entities [1] - The global leading innovation capability of China's power battery sector requires more robust legal protection [1] - The fundamental issue of "involution" stems from a lack of innovation protection, necessitating the strengthening of IP protection to reshape competitive order [1] Group 3: Call to Action - The Chinese power battery industry is urged to adopt a "leader mentality" in constructing its IP strategy to continuously enhance the global competitiveness of Chinese enterprises [1]

来源|太瓦储能 2026年2月9日，江苏为恒智能科技股份有限公司（简称"为恒智能"）正式向港交所递表，一场由学者、 资本大佬和产业巨头共同参演的资本大戏揭开序幕。 这家由复旦教授孙耀杰2017年创立、估值已达27亿的无锡储能"黑马"，在"AI"概念和"全球工商储出货 第八、海外前三"的排名背后，是香港"壳王"的资本布局、马云旗下云峰金融的运作与"宁王"的产业阳 谋，以及在巨头环伺和极度"内卷"下的重重挑战。 值得注意的是，2026年以来，中国储能企业掀起港股IPO热潮：亿纬锂能（维权）、欣旺达、德业股 份、南都电源、鹏辉能源、双登、南都电源、汇川技术等老牌劲旅谋求"A+H"布局，远信储能、思格新 能源等新势力亦争相入场。与同行相比，为恒智能的估值和市场份额仍属"迷你"级别。 在海辰储能2025年率先冲刺、果下科技成功"上岸"的背景下，为恒智能的加入，不仅折射出储能行业资 本饥渴的集体焦虑，更将"技术派能否在资本与巨头夹缝中突围"的命题，推至聚光灯下。 01 复旦教授"19年磨一剑" 为恒智能的掌舵人孙耀杰，是一位典型的学者型创业者。 带着对资本的敬畏，2017年，孙耀杰携复旦博士生团队及多名原SMA工程师创立 ...

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) plans to publicly issue technology innovation corporate bonds to professional institutional investors in mainland China, with a total issuance amount not exceeding 5 billion RMB, aimed at project construction, working capital supplementation, and repayment of interest-bearing liabilities [2][12]. Group 1: Bond Issuance Details - Issuer: CATL New Energy Technology Co., Ltd. [3] - Bond Name: "CATL New Energy Technology Co., Ltd. 2026 Public Issuance of Technology Innovation Corporate Bonds (First Phase)" with the short name "26CATLK1" [3][13]. - Issuance Scale: The bond issuance scale is not exceeding 5 billion RMB (including 5 billion RMB) [4][14]. - Bond Term: The bond has a term of 5 years, with an issuer's option to adjust the coupon rate at the end of the third year and an investor's put option [4][14]. - Face Value: The bond has a face value of 100 RMB [5][15]. - Issuance Price: The bond will be issued at par value [6][16]. Group 2: Bond Characteristics - Credit Enhancement: The bond is unsecured [7][17]. - Bond Form: The bond is a registered book-entry corporate bond, with custody recorded in accounts opened at the securities registration agency [7][17]. - Interest Rate: The bond will have a fixed interest rate determined through offline inquiry and book-building, with annual simple interest calculation [7][17]. - Interest Rate Adjustment: The interest rate will remain fixed for the first three years; if the issuer exercises the adjustment option, the rate for the remaining two years will be adjusted based on the previous rate plus or minus a certain basis point [7][17]. Group 3: Issuance Process - Issuance Method: The bond will be issued through offline inquiries to professional institutional investors, with allocation based on book-building results [7][17]. - Target Investors: The bond is aimed at professional institutional investors with A-share accounts opened at the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, excluding those prohibited by law [7][17]. - Underwriting Method: The bond will be underwritten by the lead underwriter on a balance underwriting basis [8][18].

2026年2月9日，地平线与宁德时代旗下子公司——宁德时代（上海）智能科技有限公司（以下简称"时 代智能"）签署战略合作协议。双方将聚焦新能源汽车智能化升级需求，以"高智能、高安全的智能出行 体验"为目标，为全球整车企业与终端用户提供卓越的智能化出行体验。 值得一提的是，本次战略合作协议签署仪式由地平线总裁朱威，时代智能董事总经理杨汉兵代表双方公 司签约。而这也是地平线新任总裁朱威首次公开亮相。 对此，地平线创始人CEO余凯微博发文表示，因为共同的事业和愿景走到一起！ 据了解，朱威本科毕业于中国科学技术大学精密仪器专业，并拥有耶鲁大学商学院MBA学位。曾在宁 德时代任职8年，担任执行总裁，负责乘用车以及海外储能业务。此前曾任法雷奥中国区副总裁，负责 汽车舒适及辅助驾驶业务。 责任编辑：李思阳 2026年2月9日，地平线与宁德时代旗下子公司——宁德时代（上海）智能科技有限公司（以下简称"时 代智能"）签署战略合作协议。双方将聚焦新能源汽车智能化升级需求，以"高智能、高安全的智能出行 体验"为目标，为全球整车企业与终端用户提供卓越的智能化出行体验。 值得一提的是，本次战略合作协议签署仪式由地平线总裁朱威，时代智能 ...

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of corporate bonds totaling up to RMB 5 billion, aimed at professional institutional investors [1] Group 1: Bond Issuance Details - The bond issuance is registered under the name "26CATLK1" with the bond code "524672" [1] - Each bond has a face value of RMB 100, with an issuance price also set at RMB 100 per bond [1] - The bonds have a maturity period of 5 years, featuring an issuer's option to adjust the coupon rate at the end of the third year and an investor's put option [1] Group 2: Interest Rate Information - The coupon rate inquiry range for the bonds is set between 1.60% and 2.20% [1]

Core Viewpoint - SenseTime's inclusion in the MSCI China Index marks a significant recognition of its value in the global AI industry, potentially attracting more international passive investment and validating the long-term value of Chinese AI companies [1][2][4]. Group 1: MSCI Index Inclusion - SenseTime's stock price surged by 11.39% to HKD 2.64 per share on the day MSCI announced its latest index review [1]. - The adjustment to include SenseTime in the MSCI China Index will take effect after the market closes on February 27 [1]. - The MSCI China Index is a key benchmark for global investors, with a significant amount of passive funds tracking it, making it one of the most referenced indices for Chinese investments [2]. Group 2: Value Logic Behind Inclusion - Inclusion in the MSCI China Index requires companies to meet strict criteria, including having clear governance structures and competitive advantages in their industry [2]. - SenseTime's recognition reflects its institutional and professional management, as well as its position in the AI technology landscape [2]. Group 3: Business Model and Financial Performance - SenseTime's core advantage lies in its "big device-big model-application" strategy, which differentiates it from competitors that focus solely on models or applications [3]. - The company's recent financial report indicates that its generative AI revenue is expected to rise significantly, reaching 77% by mid-2025, with projections of 91% by 2030 [3]. Group 4: Implications for the AI Industry - SenseTime's inclusion in the MSCI China Index signals its core position in the AI industry, potentially attracting a broader base of long-term value investors [4]. - The MSCI Index adjustment could lead to substantial capital reallocation, given that over $17 trillion in assets are benchmarked to MSCI indices, with more than $2 trillion in passive funds [4]. - The inclusion of SenseTime alongside major tech players like Tencent and CATL highlights its technological and governance strengths, providing a foothold for Chinese AI companies in the international capital market [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to significantly promote sodium batteries in commercial vehicles, passenger cars, battery swapping, and energy storage in 2026, which will help activate the incremental market for electric vehicles in cold regions [8]. - The company is projected to maintain its position as the global leader in battery shipments in 2025, with aggressive capacity expansion to meet strong demand [8]. - The company’s net profit is forecasted to be RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 37%, 31%, and 23% [10][12]. Company Overview - The company operates in the power equipment industry, with a current H-share price of HKD 511.00 as of February 10, 2026 [3]. - The company has a total issued share count of 4,563.85 million, with H-shares accounting for 155.92 million [3]. - The company’s major shareholder holds a 22.46% stake [3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are RMB 69.52 billion, RMB 90.79 billion, and RMB 112.01 billion, respectively, with corresponding EPS of RMB 15.25, RMB 19.92, and RMB 24.57 [10][12]. - The H-share price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are expected to be 29, 22, and 18 times, respectively [8][10]. Market Position - The company is expected to achieve a market share of 39.2% in power batteries and 30% in energy storage batteries by 2025, with year-over-year shipment growth rates of 35.7% and 80% respectively [8]. - The company is actively expanding its production capacity, with construction projects valued at RMB 37.366 billion underway, reflecting a 25.6% increase from the end of 2024 [8].

m 2026 年 2 月 11 日 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2025-10-20 | 366.5 | 买进 | | | 产品组合 | | | | | 动力电池 | | | 74% | | 储能电池 | | | 16% | | 电池材料 | | | 4% | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 宁德时代 (03750.HK) Buy 买进 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(港币) | 456 | 公司基本资讯 | 产业别 | 电力设备 | H 股价(2026/02/10) | 511.00 | | | --- | --- | --- | --- | --- | | 恒生指数(2026/02/10) | 27,183.2 | 股价 12 个月高/低 | 610.5/0 | | | 总发行股数(百万) | 4,563.85 | H 股数(百万) | 155.92 | ...

（文章来源：第一财经） 宁德时代在港交所公告，公司于2月6日发行了2026年度第一期绿色科技创新债券，发行总额为人民币50 亿元，募集资金已于2026年2月9日到账。债券简称26宁德时代MTN001(科创债)，债券代码102680526， 发行利率1.70%，发行价格为100元/百元面值，起息日2026年2月9日，兑付日2031年2月9日。 ...

格隆汇2月11日丨宁德时代(03750.HK)发布公告，2026年1月22日，公司收到中国银行间市场交易商协会 出具的《接受注册通知书》(中市协注〔2026〕MTN60号)，同意接受公司科技创新债券注册，注册基础 品种为中期票据，注册金额为50亿元，注册额度自通知书落款之日起2年内有效，公司在注册有效期内 可分期发行。 2026年2月6日，公司成功发行了2026年度第一期绿色科技创新债券(债券简称：26宁德时代MTN001(科 创债)，债券代码：102680526)，发行总额为人民币50亿元，募集资金已于2026年2月9日到账。 ...